A extensively adopted analyst says that the actual “altcoin reckoning” remains to be on the horizon regardless of the most recent crypto correction.
In a brand new video replace, crypto strategist Benjamin Cowen tells his 783,000 YouTube subscribers that those that consider altcoins can’t proceed to drop additional after their deep retracements over the previous yr ought to assume once more.
In line with Cowen, the actual altcoin capitulation remains to be coming.
“The altcoin reckoning is a severe factor. You shouldn’t snigger at it simply since you assume that your altcoins [are] already down 80% [and they] can’t maintain dropping.
The altcoin reckoning can go on and on and on and on, and it’s solely till after the (Bitcoin) dominance vary excessive is damaged that altcoins even get to the penultimate stage of the altcoin reckoning, which hasn’t even occurred but.”
Earlier this month, Cowen stated that he’s holding an in depth watch on the Bitcoin dominance (BTC.D) chart. In line with Cowen, the crypto king’s dominance stage breaking above 49% can be a “risk-off” sign.
The Bitcoin dominance index tracks how a lot of the full crypto market capitalization belongs to Bitcoin. A bullish BTC.D chart means that Bitcoin is taking a bigger share of the crypto markets on the expense of altcoins.
At time of writing, BTC.D is hovering above 49%.
Cowen goes on to say that he believes the altcoin reckoning received’t finish till a collapse of the Ethereum/Bitcoin (ETH/BTC) buying and selling pair.
“So the place does it finish? Properly for some, it by no means will. For others, it is going to and the place I feel it ends I’ve been clear about. I feel it ends upon the collapse of the Ethereum/Bitcoin valuation. That’s what I feel…
I feel the [ETH/BTC valuation] goes to break down and doubtless come again down, possibly bounce again up after which after which plunge.
When is it going to occur? I don’t know. I’d have instructed you 5 months in the past, however there’s been much more resilience in Ethereum than I believed there was going to be, (however that) doesn’t imply that it received’t finally break again down.”
At time of writing, ETH/BTC is buying and selling for 0.067 BTC ($1,728).
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